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February 28, 2008

Sharper Image Professionals

Sharper Image filed its professional employment applications today.  The Weil Gotshal firm disclosed that it received a $400,000 retainer of which about $376,000 was used up prepetition.  (Sharper Image had $700,000 in the bank the day it filed the petition)  The hourly rates for the Weil firm run from $650 to $950 per hour for partners and $355 to $595 for associates ($595 per hour for an associate?).  The Wombie, Carlyle firm, the local Delaware lawyers, received a $40,000 prepetition retainer.  The new chief executive, Robert P. Conway and his firm will receive $150,000 per month plus 1% of any new money or any sales of assets.  Hearings on these applications are set for March 20, 2008.  Conway's firm is entitled to retain its own counsel.  The Creditor's Committee was appointed yesterday and it of course will require counsel.      

February 28, 2008 in Current Affairs | Permalink

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